BlackRock Sells Bitcoin? $47 Million in BTC Already on Coinbase

BlackRock’s iShares Bitcoin Trust has pushed a new batch of BTC onto Coinbase Prime wallets, as Arkham data confirms more than 700 BTC, worth about $47 million, redirected from ETF custody into the major U.S. exchange’s institutional deposit pool. The transfers came in 300 BTC chunks followed by a 131 BTC move — and yes, all in the same direction. 

It comes just as the Bitcoin ETF sector logged -$104.1 million in net outflows yesterday, a sudden and dramatic pivot. On the chart perspective, it showed up as a 5% weekly drop for IBIT, closing at $62.84. Arkham">

The $11 trillion fund, which had previously been holding ground as the flagship of institutional Bitcoin exposure, is suddenly showing cracks in its armor. That adds another layer of pressure to a market already dealing with crazy multi-billion leveraged wipeouts and nervous sentiment around the $110,000 BTC line.

The two signals together are hard to miss: coins leaving ETF wallets, outflow data flashing red and IBIT sliding deeper after months of relative strength worth 60%. 

Altseason preparations?

Ethereum ETFs, meanwhile, booked $169.7 million in inflows over the same period, and the rotation seems to be evident — capital flying away from Bitcoin exposure and into ETH, where supply shocks and ETF buying pressure are giving investors a more comfortable anchor into the end of the year.TradingView">

Moving coins to Coinbase Prime does not automatically mean fire sales, but the timing and weight of the BlackRock name leave little room for a neutral interpretation. 

So, as it stands, Bitcoin ETFs are bleeding, Ethereum is catching capital and Coinbase is now sitting on BlackRock’s coins. Whether it is housekeeping or redemptions remains to be seen.